Blockchain is a digital centralized ledger that keeps a record of all the transactions taking place on a peer-to-peer network. All information transferred via blockchain is encrypted and every occurrence recorded, making it unalterable. The information is decentralized, so there’s no need for any central, certifying authority. It can be used for much more than the transfer of currency, hence contracts, records and other kinds of data can be shared in encrypted form and be shared across multiple providers without risk of a privacy breach.

Educating participants on the technology, Kamat, said that, it enables bilateral settlement by eliminating midpoint failure, delays and collateral costs. He pointed out, “There are many other uses for this emerging technology and the more we are aware the more we can try to leverage and utilize it.”

He elaborated that, cyber threats are often executed by hackers trying to gain unauthorized access to an individual’s personal information for either financial gain or to perform some troublesome and mischievous act through malaware, phising, authentication alerts, and ransom ware among others.

Kamat said, “Cyber crimes remain undetected for more than 280 months and 60 per cent are against medium and small business.” He said that, cyber crime damages are projected to cost the world US $6 billion annually by 2021.

Earlier, Cyril Desouza, assistant director, WTC- Goa, welcomed the delegates. He said that, the workshop would help the delegates carry out international trade in the digital realm in an easy and secured environment.